Actuarial jobs in South Africa

Our client is seeking a dynamic and analytical Actuarial Analyst to support senior team members within the Actuarial division. The successful candidate will leverage actuarial models to identify, analyze, and monitor business challenges, providing practical solutions that enhance decision-making and drive business performance.

Key Responsibilities:

1. Model Deployment and Testing:
   • Assist in the planning and execution of system changes.
   • Work closely with stakeholders to define business requirements and deliver effective solutions.
   • Conduct impact and sensitivity analyses, clearly communicating results to the business and outlining the implications of pricing changes.
   • Support the successful deployment of models by defining robust testing processes.
   • Track product and pricing performance, ensuring that monitoring mechanisms are in place.
2. Process Improvement and Innovation:
   • Identify areas for improvement within existing systems, processes, and models.
   • Stay updated on industry developments and proactively contribute to creating innovative solutions.
   • Continuously research actuarial techniques and share findings with the team to enhance efficiency.
3. Actuarial Modeling:
   • Develop, maintain, and implement actuarial models that accurately reflect business realities.
   • Ensure all models are thoroughly documented, with clear definitions, data inputs, and assumptions.
   • Put in place risk mitigation strategies to prevent errors in modeling.
4. Business Requirements Identification:
   • Support the collection and documentation of business requirements, ensuring clarity and alignment with business needs.
   • Assist with the actuarial control cycle, including the development, deployment, and monitoring of actuarial models.
   • Contribute to managing key business metrics like embedded value, product profitability, and new business value.
5. Stakeholder Engagement:
   • Collaborate with internal teams, such as Sales and Marketing, to ensure alignment and communication of outcomes.
   • Work with external stakeholders to drive effective product development solutions.
   • Maintain service levels for business requests and provide insightful feedback based on business needs.
6. Data Analysis and Insights:
   • Analyze data from various sources to identify trends and provide recommendations.
   • Ensure the accuracy of data used for actuarial models by reconciling it with credible data sources.
   • Prepare reports that translate data into actionable insights and recommendations for stakeholders.
7. Operational Compliance:
   • Stay informed about organizational policies and industry regulations, ensuring all work adheres to the standards set by the Actuarial Society of South Africa.
   • Apply actuarial practices in line with regulatory guidelines.

Behavioral Competencies:

• Action-Oriented: Approaches challenges with urgency and enthusiasm.
• Financial Acumen: Understands key financial drivers and makes well-considered decisions.
• Business Insight: Uses market knowledge to drive business goals.
• Manages Complexity: Approaches complex problems logically, evaluating all angles to uncover solutions.
• Work Process Optimization: Continuously seeks ways to enhance efficiency.
• Ensures Accountability: Takes ownership of responsibilities, meeting commitments consistently.
• Manages Ambiguity: Thrives in unclear situations, adapting with composure.
• Effective Communication: Clearly conveys information across different audiences.
• Collaboration: Works well in a team setting to achieve shared objectives.
• Resilience: Overcomes setbacks and remains focused under pressure.
• Persuasion: Uses well-reasoned arguments to gain support from others.
• Decision Quality: Makes sound decisions independently and knows when to seek advice.

Technical Competencies:

• Actuarial Modeling: Develop financial and economic models with minimal supervision.
• Reporting: Create insightful reports and presentations with guidance.
• Numerical Skills: Strong proficiency in mathematics and statistics for actuarial purposes.
• Data Analysis and Control: Extract, analyze, and ensure the integrity of data.
• Multitasking: Manage multiple tasks effectively, maintaining attention to detail.
• Compliance Management: Adhere to the standards of the Actuarial Society of South Africa.
• Negotiation: Secure agreement and consensus with both internal and external parties.
• Presentation and Communication: Convey complex information clearly to various stakeholders.

Qualifications:

• Bachelor’s degree in Actuarial Science or a related field.
• Progress toward full actuarial qualification.

Experience:

• Minimum 1 year of actuarial experience in the Short-Term Insurance sector.